Putin: The Russian economy will have recovered in about two years

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Russians feel better about the economy and inflate the ego of their dear master.

Moscow - Russian citizens get a chance to question Vladimir Putin about economy. "Russia’s economy has managed to overcome the worst, as the national currency has become much stronger than most analysts expected, and all the key indicators are improving", President Vladimir Putin said.

“We’ve survived the peak of the problems. Russian banks and corporations have paid off their foreign currency debt,” Russian President Vladimir Putin said during his annual national Q & A session on Thursday.

"Russian economy will have recovered in about two years, I think that it may be faster. It will take about two years, I believe," Putin said.

“I think we’ve taken the right measures,” Putin said, referring to the steps taken by the government and the Russian Central Bank to stabilize the economy in December to counter the huge currency devaluation, sanctions, and lower oil prices.

Russia rolled out a multibillion dollar anti-crisis plan in January, that included over 60 measures aimed at reversing Russia’s worsening economic situation, exacerbated by the ruble crisis.

“... steps provided by the plan are well thought out and reflect the state of our economy, and we have 2.3 trillion rubles earmarked for the implementation of this plan,” the Russian president said.

Putin cited oil production as an example of economic strength. Oil production increased 1.1 percent to 525 million tons in 2014, a new post-Soviet record. The Russian Energy Ministry plans to meet or surpass it in the coming year.

President Putin's question and answer session has been running for 90 minutes and is expected to run for at least another two hours, it has largely centered on domestic issues and the state of the Russian economy with Putin occasionally touching on foreign policy.

Putin says lifting Russia's ban on deliveries of S-300 missile defense systems to Iran was due to Iran's willingness to reach deal on nuclear program.

Deliveries of S-300 missiles to Iran are a deterrent factor in the Middle East, Putin says.

Putin: Deliveries of S-300 missiles to Iran are a deterrent factor in the Middle East